Snow Lake’s immediate exploration plans include Engo Valley Uranium Project and Black Lake Uranium Project. (Credit: Nuclear Regulatory Commission/ Flickr)

Snow Lake Resources, trading as Snow Lake Energy, has announced the successful completion of two financing rounds, raising over $20m (before costs).

This funding positions the company to advance its exploration activities across its global portfolio and pursue acquisitions and investments in next-generation and clean energy minerals.

Snow Lake’s immediate exploration plans focus on key projects aimed at bolstering its clean energy minerals portfolio:

  • Engo Valley Uranium Project
    The company plans further exploration drilling and the preparation of a maiden SK-1300 resource estimate. Initial results from the first phase of drilling are expected in the first half of January.
  • Black Lake Uranium Project
    Snow Lake will undertake additional prospecting and ground geophysical surveys to identify drill targets. These activities aim to verify historical uranium anomalies, with previous non-SK-1300 compliant trench sampling from the 1950s reporting up to 15,700 ppm U₃O₈.
  • Shatford Lake Lithium-Tantalum-Caesium (LTC) Project
    Continued prospecting and geophysical surveys are planned to follow up on initial assay results. The goal is to pinpoint potential drill targets for further evaluation.
  • Snow Lake Lithium Project
    An updated SK-1300 mineral resource estimate will incorporate data from the 2023 and 2024 drilling campaigns. The project’s July 2023 Preliminary Economic Assessment projected a base-case pre-tax net present value (NPV) of $1.7bn.

These initiatives underscore Snow Lake’s commitment to advancing projects that support the transition to clean energy and sustainable resource development.

Snow Lake CEO Frank Wheatley said: “We are grateful to our shareholders who have strongly supported our vision to be a leader in the clean energy and next generation minerals space, and are excited to proceed with an aggressive and busy 2025 exploration program on our global portfolio of projects.

“As we are now well funded to continue our exploration programmes, our focus for 2025 will be on our two highly prospective uranium projects: our Engo Valley project in Namibia and our Black Lake uranium project in the Athabasca Basin, Northern Saskatchewan.”